Unite Students disposes of six properties in Aberdeen for £33 million

Unite Group plc

Unite Group plc (LON:UTG) Unite Students, the UK’s leading owner, manager and developer of student accommodation, today announces the disposal of a portfolio of six properties in Aberdeen, comprising 1,050 beds for £33 million (Unite share: £20 million) to Clearbell Property Partners III LP, a fund managed by Clearbell Capital LP.

The disposal is priced in line with prevailing book value, which reflects a passing NOI yield of 6.0% for the 2022/23 academic year. This disposal sees the Group exit several smaller and less operationally efficient assets whilst retaining 911 beds across two properties in close proximity to each other in Aberdeen. The Group has now completed the sale of a total £339 million (Unite share: £256 million) of properties in 2022, completing the Group’s planned disposal activity for the year.

Nick Hayes, Group Property Director of Unite Students, commented:

“This disposal of six small and less operationally efficient assets further enhances our alignment to the strongest markets where demand is highest. The proceeds will be used to help enhance our existing portfolio and to deliver on our record £1 billion secured development pipeline.

The Unite Group is a United Kingdom-based owner, manager and developer of purpose-built student accommodation. 

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